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The original item was published from 3/26/2019 1:44:57 PM to 5/27/2019 12:00:06 AM.

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Posted on: March 26, 2019

[ARCHIVED] Waterford Approved for $12.9 million Brownfield Tax Increment Financing

MEDC Photo - Wall  Joliat

The Waterford Township Brownfield Redevelopment Authority received approval of $12,864,514 in local and school tax capture to support a business development project that will demolish the vacant Summit Place Mall and construct a new business center in the Township of Waterford. When completed, the Summit 327 LLC project will consist of 1 million square feet of commercial space that may include light industrial users, logistics companies, research and development or engineering firms, office users, or other flex-space users.

“Approval of the Brownfield Development for the former Summit Place Mall area is a huge step in the right direction for redevelopment of the long-vacant and dilapidated building,” said Waterford Township Supervisor Gary Wall. “We’re excited about the proposed revitalization of this area and look forward to the economic growth this project will bring to Waterford. Collaborative projects like these help ensure redevelopment success for the betterment of our community, Oakland County, and the State of Michigan.”

The project is expected to generate a total capital investment of $63 million and create the capacity to support up to 2,183 potential jobs, will replace a long-vacant mall that has been an eyesore in the community, and will bring an inventory of high-quality, readily available space for companies looking to invest or grow in Michigan. The tax capture will be used to alleviate brownfield conditions at the site, making it suitable for redevelopment.

“The demolition and redevelopment of the Summit Place Mall will bring an exciting business center and 1 million square feet of attractive commercial space and multiple opportunities to a site that has been dormant for years,” said Oakland County Executive L. Brooks Patterson. “This project has been a long time coming and the economic impact for Waterford and the county will be significant.”

The Summit 327 project qualified for brownfield tax increment financing under the MEDC’s Speculative Building Development Program, which offers several incentives and financing programs to encourage the development of new speculative building projects in Michigan. This performance-based program is aimed at increasing the availability of high-quality, single-tenant and multi-tenant building space that will help Michigan and its local communities attract businesses considering new or expanded corporate offices, technical centers, and research and development, manufacturing, or logistics operations.

An example of a successful Speculative Building Program project is at the site of the former Hazel Park Raceway. In 2016, the MSF approved local and state school tax capture for the Tri-County Commerce Center (Building 1) at the site. The project entailed construction of a new 575,000-square-foot building that was successfully developed in partnership with Ashley Capital in 2016 and 2017. As of November 2018, approximately 500 people were employed by multiple tenants at Building #1, including LG, Bridgewater Interiors, and Amazon.

As a result of the success of the first phase of the Tri-County Commerce Center, MSF in November 2018 approved local and school tax capture to support the Tri-County Commerce Center 2, LLC Redevelopment Project, to be developed in partnership with Ashley Capital. The two new buildings are being constructed as modern, flexible space, high-bay, multi-tenant, move-in ready facilities for manufacturing, warehouse and distribution uses. The project is expected to generate a total capital investment of $85 million and create 613 full-time equivalent jobs, and also repurposes property that was blighted and functionally obsolete.

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